Miles Jennings

@milesjennings

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1352 Followers

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Over 4 years at @a16zcrypto, I've found writing to be the best tool for exploring crypto’s complexity—from advising founders to constructing policy. It’s a discovery engine that demands clarity, consistency and transparency. Here are 10 posts I learned the most from writing:

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The Biden SEC's attack on crypto created perverse incentives that were detrimental to Americans. For example, it led to them being excluded from airdrops, depriving them of ownership of the internet. Today, we published a quick explainer of our airdrop safe harbor proposal👇 https://a16zcrypto.com/posts/article/airdrops-safe-legal-frequent/

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Network Tokens (BTC, ETH, SOL) vs. Company-Backed Tokens (FTT): 1️⃣ Is the system open? 2️⃣ Do network effects accrue to the system/token? 3️⃣ Can tokenholders accrue independent value? If yes, then whether it's a L1, L2, DeFi or gaming token, it's likely a network token:

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NFTs unlock incredible opportunities for creators. But regulatory uncertainty is stifling innovation and the most creative minds online. Today, we urged the SEC to bring clarity through a new safe harbor and crowdfunding regime—so creators can build without fear of regulators.

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The success of any regulatory approach for network tokens hinges on facilitating progressive decentralization—including via Airdrops and Incentive-Based Rewards. Current rules are murky and entrepreneurs need clarity. So, we submitted a safe harbor proposal to the SEC with a 5-part test:

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Today, we submitted our response to the first 6 critical questions of the SEC's recent request for information. Across 50 pages, we tackle the most significant and complex crypto issues with a simple, powerful principle that fits in a single sentence:

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https://warpcast.com/a16zcrypto/0xf54a2d88

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What’s the difference between ETH, FTT, USDC, TRUMP and $APPL? And how do those differ from airline miles or a CryptoPunk? Why does it even matter? Today, @eddy, @skominers, and I published two articles classifying tokens based on their source of value. 👇

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Crypto remains a rare bipartisan issue in DC! 🇺🇸 Senate vote just repealed the harmful IRS broker rule that threatened DeFi, with most Republicans & many Dems backing it. A big win for DeFi developers & U.S. innovation! Final votes: 70-27.

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The critical takeaway here isn't about memecoins. It's that the SEC's interpretation of Howey continues to be that an investment contract may exist based on the "economic reality" of an arrangement. The SEC's recent optimistic approach to the industry and the dismissal of many of its cases has led a lot of people to believe that "everything is legal". That's particularly true because most of the cases the SEC has been dropping/settling involved arguments by the defendants that, rather than "economic reality," Howey's investment contract analysis hinged on whether there was a formal contract. So, if the dismissals were a sign that the SEC was accepting of this "predicate contract" argument (and abandoning the "economic reality" argument), nearly every token in existence would be legal. This release confirms the SEC doesn't believe "everything is legal" and that's a good thing.

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The SEC’s decentralization framework has been corrupted and used to persecute builders —incentivizing rug pulls over value creation. It’s time to fix it. Decentralization should mean the absence of control, not the suppression of ongoing efforts. Here’s how and why👇 https://a16zcrypto.com/posts/article/defining-decentralization-control/

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Working with Brian over the last 3 years has been a highlight of my career. Among his many qualities, the strength of his integrity and his courage to lead are critical for the road ahead. The US, the administration and our industry will benefit greatly from his stewardship.

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1/ Centralized control of networks has consequence — Big Tech, Big Banks, and Big AI control public discourse, financial access, and even information. Decentralization eliminates control, but it needs to be incentivized. Here's how. 👇 https://a16zcrypto.com/posts/article/why-decentralization-matters-incentivizing-decentralization-incentives/

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With the fight for crypto’s existence subsiding, it’s time to focus on crypto's purpose: decentralization. Decentralization is at the heart of what makes crypto worthwhile. But if we don't properly incentivize and enshrine it in law, we'll lose it. Read my op-ed @coindesk ⬇️ https://t.co/Bhk2AHEQ6g

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If you're looking to get caught up on the debanking controversy, we've got you covered:

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In 2025, the U.S. will become one of the best places to build in crypto and the DUNA provides a great tool for startups here. We've seen lots of companies working with the structure and are excited to see how they put it to use this coming year.

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We’ve been flooded with crypto founders asking what the recent election means for their projects. TLDR: We have an incredible opportunity to build on the bipartisan progress from the last Congress and bring the best of crypto to the world. You’ll hear a lot of speculation and hot takes in the coming weeks, but it’s too early to tell how everything will shake out. Nevertheless, we believe that we now have a future where we can deliver on the many consumer benefits that we’ve been excited about: giving people ownership over their digital identities, new business models for creatives, low to no-fee cross border transactions with stablecoins, development of physical infrastructure like energy grids, and so much more. We’re optimistic that with clearer rules, it will make it easier to identify and shut down bad actors and allow well-meaning projects to take off. The future of crypto in the U.S. is bright! https://a16zcrypto.com/posts/article/a-positive-path-forward/

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It’s time to fight for the right to create. Today, @a16zcrypto, @standwithcrypto, @opensea are kickstarting the Creator Defense Fund, a legal defense fund for creators using blockchain technology to connect with fans, monetize their work, and bring creativity to the world. We’re contributing $1M and partnering with top law firms to offer legal services and consultations for artists and creators who are facing potential government action or simply want to ensure they are structuring their NFT projects in a legal and compliant manner.

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1/7 Tokens are an incredibly powerful digital primitive. They're also risky to bring to market. Here’s a quick breakdown of the token launch strategies and risk framework we’ve developed with founders for the @a16zcrypto Token Launch Playbook:

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1/ We're seeing more and more crypto startups stuck with predatory terms from early-stage deals. Don't let early-stage investors set you up for long-term failure and jeopardize future fundraising rounds. Here's what you should look out for:

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